Is There Transfer Tax On A Sub-to Deal?
Hi. I am unclear whether or not you have to pay transfer tax when you buy sub-to.
Yes, the title will be transferred/deeded to me....but for what amount? For people with little or no equity, possibly $10 right? So if the transfer tax here is $9 per $1000, it would only cost me $.09?
Thanx in advance,
Brian
Brian,
Whether you will have to pay transfer tax will depend on how you take title and your state.
My state doesn't require transfer tax to be paid if I use a trust (reason # 897453 to use them) but some states still do.
Ask your real estate attorney or call your Superior Court Clerk (or whatever you call it in NY) and ask them.
William Tingle
WilliamGA
Hey William,
I wanna do a sub2 deal.
But I need to know reasons # 173498 and # 762110 to use trusts to proceed.
Thanks
Jason
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